Great Expectations: Donald Trump
Donald Trump could get a £2.6billion windfall after investors yesterday approved his plans to take his social media platform public.
Trump Media & Technology Group (TMTG), the company behind the former US president’s Truth Social website, is expected to list on Nasdaq in New York next week.
Trump created Truth Social after leaving office and being kicked out of Twitter, now known as X.
The payday would be a boost for Trump who faces huge legal costs as he runs for president again.
The former property tycoon and reality TV star is struggling to raise £360million following a civil fraud case in New York.
Shareholders of Digital World Acquisition – a special purpose acquisition company – approved the plans last night. The company will trade under the symbol DJT, after the Republican politician’s initials.
Under the terms of the deal, the former commander-in-chief would be banned from selling his shares – valued at £2.6 billion – for at least six months.
But he could get a waiver to sell them sooner if the board – which includes his son Donald Trump Jr – agrees.
